07.08.2008 08:00 AM
Originally featured on BroadcastEngineering.com
NBC Universal, Bain Capital, The Blackstone Group ink deal for The Weather Channel
NBC Universal, Bain Capital and The Blackstone Group have signed a definitive agreement to acquire The Weather Channel properties from Landmark Communications.
The Weather Channel will be operated as a separate entity, based in Atlanta, with management services to be provided by NBC Universal. Financial terms of the transaction were not disclosed.
The transaction includes The Weather Channel Networks, the third-most-distributed cable network, seen in more than 97 percent of U.S. cable television homes; The Weather Channel Interactive, which includes weather.com; and weather forecaster Weather Services International.
The transaction is expected to be completed by year’s end and is subject to receipt of customary regulatory approvals. NBC Universal, Bain Capital and The Blackstone Group announced June 13 that they had entered into exclusive negotiations to purchase The Weather Channel properties.